Profit First Nation

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

Kasey Anton, the author of Profit First for Restaurants and founder of Spark Business Consulting, shares her thoughts with Mike shedding light on why some restaurants fail. Kasey has valuable advice on transforming your restaurant into a lucrative venture. Kasey will discuss the cost of a menu item, labor costs and the vital role culture plays in business success. Her book is available now, and the workbook is coming out shortly. Get a copy and see how profitable your restaurant can be. 

IN THIS EPISODE:

• [00:35] Kasey explains why she wrote the book Profit First for Restaurants
• [02:19] Can restaurant partnerships be profitable 
• [03:38] What accounts did Kasey create to make the system more suited to restaurants
• [06:00] Controlling food costs
• [08:47] How does a restaurant typically implement the Profit First strategy
• [09:49] Kasey tells her “Five Guys” story and why providing extra fries still makes the business profitable
• [12:28] Kasey shares what type of restaurant might profit the most from her book, and she explains what the workbook to go along with the book will be like

KEY TAKEAWAYS: 

• Many restaurant owners need to account for the cost of plated food properly. You will lose money if you don’t calculate the add on’s.
• Many restaurants lost money during Covid simply because they needed to add the container costs, boxes, stickers, etc.
• Culture is just as crucial to a restaurant as its menu selection.

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

Kasey Anton - Website

Spark Business Consulting - Website

Profit First for Restaurants - The Book

GUEST BIOGRAPHY: 

Kasey Anton is a former Restaurateur turned Bookkeeper.

After living the high-end (and low-end) restaurateur lifestyle and experiencing the BEST and WORST that the world has to offer, Kasey decided to take her knowledge and true-life experiences and turn it into a business that can help others navigate some of the pitfalls of entrepreneurship.

One of the biggest lessons learned on her journey? NUMBERS DON’T LIE. But we sometimes lie to ourselves – especially about business. So, knowing your numbers, the true, accurate, real, down and dirty, no-holds-barred NUMBERS of your business is KEY to the success of your business. And Kasey knows her numbers, and she’ll make sure you know yours too.

Along her journey, she came across a real game-changer known as “Profit First” – a simple yet ridiculously effective cash management tool that EVERY business should be using (and I mean EVERY). Once discovered, Kasey became a Profit First Professional Mastery Member, one of less than 50 in the world, and now works with businesses all across the US to help “eradicate entrepreneurial poverty.”

Kasey’s sole mission, and she and her Team have chosen to accept it, is to help business owners take control of their businesses, control their numbers, drive the business toward its truest vision, and be rewarded for that valiant effort.

Fun Fact? Kasey is a ridiculously obsessed NFL fan (GO PATRIOTS!) and has flown on the Team Jet to a game in Buffalo and watched the game from the sideline, standing near all the players.

ABOUT HOST:

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

Kasey Anton, the author of Profit First for Restaurants and founder of Spark Business Consulting, shares her thoughts with Danielle about analyzing your business's profitability. Her bottom line is to return to the basics. Reviewing your original business plan or bank statements can be an eye-opener on why your business thrives or is in trouble. Kasey will talk about her book, which is out today, and she also has some ingenious marketing ideas you won’t want to miss. 

IN THIS EPISODE:

• [01:59] Kasey says she directs her clients to get back to the basics and eliminate the fluff in their business
• [04:38] How do you know if you have a solid business model
• [07:14] How do you work with the numbers in your business when you are anxious about numbers
• [18:08] How an influx of money, either by grants or government funds, can create a problem on your bottom line
• [23:13] Kasey talks about her book focusing on a marketing tactic that was successful in her restaurant 

KEY TAKEAWAYS: 

• You can cultivate a base of loyal consumers by demonstrating small gestures of recognition toward your customers. It is a fundamental desire to be acknowledged.
• It is necessary to look at your business numbers periodically, no matter the age of your business,  to get back to basics.  Take away the fluff and see what you are spending and earning.
• It doesn’t matter if your business is doing well or not. Business owners need to know their numbers and make corrections if necessary. 

Kasey Anton - Website

Spark Business Consulting - Website

Profit First for Restaurants - The Book

GUEST BIOGRAPHY: 

Kasey Anton is a former Restaurateur turned Bookkeeper.

After living the high-end (and low-end) restaurateur lifestyle and experiencing the BEST and WORST that the world has to offer, Kasey decided to take her knowledge and true-life experiences and turn it into a business that can help others navigate some of the pitfalls of entrepreneurship.

One of the biggest lessons learned on her journey? NUMBERS DON’T LIE. But we sometimes lie to ourselves – especially about business. So, knowing your numbers, the true, accurate, real, down and dirty, no-holds-barred NUMBERS of your business is KEY to the success of your business. And Kasey knows her numbers, and she’ll make sure you know yours too.

Along her journey, she came across a real game-changer known as “Profit First” – a simple yet ridiculously effective cash management tool that EVERY business should be using (and I mean EVERY). Once discovered, Kasey became a Profit First Professional Mastery Member, one of less than 50 in the world, and now works with businesses all across the US to help “eradicate entrepreneurial poverty”

Kasey’s sole mission, and she and her Team have chosen to accept it, is to help business owners take control of their business, control their numbers, drive the business toward its truest vision, and be rewarded for that valiant effort.

Fun Fact? Kasey is a ridiculously obsessed NFL fan (GO PATRIOTS!) and has flown on the Team Jet to a game in Buffalo and watched the game from the sideline, standing near all the players.

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

Danielle reveals her brilliant insight that has the potential to enhance your bottom line. Many clients desire a comprehensive project solution. Have you considered expanding your services to simplify the process for your client? Try integrating "Done For You Services" into your offerings. Clients are willing to pay more for a job fully complete. Danielle gives you an example of just how easy this can be. 

IN THIS EPISODE:

• [00:25] Danielle talks about designing the programming around the next book Mike Malowitz is writing
• [03:51] Done for you services are incorporated into the revamped program, and the weeks-long program is now five days.
• [11:00] How do you assume the burden for your client
• [12:50] How can you incorporate convenience and speed to deliver results to your client
• [15:15] How can you provide direction and clarity and also tap into their feelings about your service and the final product
• [18:55] Upleveling your service and charging accordingly
• [21:00] This podcast is now on YouTube, and consider working with a certified Profit First Professional Accountant

KEY TAKEAWAYS: 

• By adding services to your existing package, you can attract customers who want entire projects completed, not just one of the services that may be a part of the whole project. 
• Don’t be afraid to charge for extra services.  Many clients are willing to pay for a quality service that completes the entire project. Build your profit by charging premium rates for premium services.
• You may need to collaborate with other businesses to offer a complete package for a client. If a service is outside your expertise, collaborate with an expert.  

ABOUT THE HOST:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

In today's episode, Billie Anne Grigg, a distinguished Chief Profit First Profession Guide, joins Danielle as they address listeners' questions about Profit First. Together, they delve into properly categorizing expenses and ensuring they are allocated to the appropriate accounts. Additionally, they tackle the often daunting prospect of raising prices. While this may seem intimidating for small business owners, they emphasize that it presents a unique opportunity to emulate the strategies employed by larger vendors. Furthermore, Billie Anne and Danielle discuss inflation and provide insights on how entrepreneurs should proactively prepare for its impact. Tune in to gain valuable knowledge and guidance on these essential aspects of Profit First.

IN THIS EPISODE:

• [02:32] Billie Anne answers the question of how you disperse a real estate agents commission
• [04:15] How do you classify the cost of goods on the instant assessment when you don’t have control over the cogs
• [07:57] What should expenses be for an online boutique, i.e., salaries, rent, shipping and advertising
• [11:54] Billie Anne recommends Profit First for E-Commerce Seller’s book.
• [13:52] Should you raise prices during this inflationary period
• [18:51] Make a plan and prepare for inflation or a recession so you’ll be a step ahead of those who don’t prepare

KEY TAKEAWAYS: 

• Prices are being raised all over the board. Therefore, a prudent business person should also raise their prices.
• Now is a great time to negotiate rental space because there are many vacant spaces.
• Marketing expenses must produce a six to ten times return on that expense. Otherwise, you need to try another marketing strategy

GUEST BIOGRAPHY: Billie Anne Grigg

Billie Anne has been a bookkeeper since before the turn of the century. She is a QuickBooks Online ProAdvisor, LivePlan Expert Advisor, FreshBooks Certified Partner and a Mastery Level Certified Profit First Professional. She is also a guide for the Profit First Professionals organization. In 2012, she started Pocket Protector Bookkeeping, a virtual bookkeeping and managerial accounting service for small businesses.

Billie Anne Grigg - Linkedin

Pocket Protector Bookkeeping - Website

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

Danielle will be presenting an episode on the effective recruitment of five-star employees. Managing payroll is a significant expenditure, making it crucial to avoid errors in this vital aspect of your business. Hiring the right employee doesn't have to be a guessing game. There are established structures and principles that can assist you in selecting the ideal candidate for any position. Additionally, Danielle offers a complimentary download for a brief four-minute exercise that serves as a litmus test for assessing the eleven qualities of a five-star employee.

IN THIS EPISODE:

• [00:17] How do you hire five-star employees? Danielle gives an example of a learning experience in hiring a one-star employee
• [05:14] Hire based on a structured foundation of identifying and understanding all the factors and requirements of the position
• [07:11] What is the five-star rating system 
• [10:57] What are the 11 universal qualities that give you another hiring criteria
• [14:08] What is a return on payroll
• [16:30] Danielle gives an overview of how to hire a five-star employee and provides a free download of an Employers Guide of Hiring

KEY TAKEAWAYS: 

• Payroll is one of the most significant expenses any business can have.
• Five-star employees represent 15% of the available talent in the marketplace.
• There is a no-fail framework for hiring five-star employees.  There is no reason not to use these tips; never settle for anything less.

Text Neversettle to 411-321 for a free download of Employers Guide to Hiring

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

Join us as we hear from Jeff Wickersham, an accomplished author, coach, and podcast host, who generously shares his firsthand encounter with the Profit First system. Jeff enthusiastically describes it as a "Game Changer" for his businesses, highlighting a surprising realization that a venture he believed profitable was experiencing financial losses. Additionally, Jeff introduces us to his podcast, the Morning Fire for Entrepreneurs, where he dives into the power of mindset and the transformative potential it holds, even with just ten minutes a day. This episode of Profit First is genuinely uplifting and inspiring.

IN THIS EPISODE:

• [01:43] Jeff explains how he learned about Profit First and how he implemented this game changer process into his business plans 
• [03:55] Jeff shares what his finances were like before Profit First and how they improved when he opened the required accounts
• [06:27] Cutting expenses quarterly and how Jeff raised his prices without losing customers
• [11:00] Jeff talks about after he closed his gym, he still walked away with knowledge about nutrition and the physical, which assists him as a coach
• [12:27] What lessons were learned from the pandemic regarding sticking to the fundamentals 
• [15:07] Jeff discusses personal struggles and how they framed his podcast. He also talks about how to change your life in 10 minutes a day
• [22:18] Jeff shares the key to happiness through a gratitude journal and how vital a mental attitude is 

KEY TAKEAWAYS: 

• There is only one way to increase your profitability. That is to decrease expenses and increase margin. 
• To change your life, you need to change your habits. Changing your habits starts at night before you go to bed. Set yourself up for success.
• Being grateful every week will raise your happiness level by 25% at the end of ten weeks.

GUEST BIOGRAPHY: Jeff Wickersham

Jeff is a sought-after mental toughness and peak performance coach who specializes in helping clients intentionally step into the best version of themselves personally and professionally. Jeff guides his clients to install habits and systems that set them up for success. Jeff's consistency and authenticity are what clients call out most when working with him.

Jeff will meet you exactly where you are at. He will support, guide, and cheer you on in your journey working side by side with you.

Jeff never puts his clients through what he hasn't already tested on himself. He's a practitioner of what he teaches, and clients get amazing results.

Jeff hosts Morning Fire for Entrepreneurs and is the number one bestselling author of Rise Fight, love, Repeat, Ignite Your Morning Fire.

Jeff Wickersham - Linkedin

The Morning Fire - Website

 How To Ignite Your Morning Fire - Audible

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

In today's discussion, our primary focus is on the Business Hierarchy of Needs, specifically highlighting the Impact Level. Previous podcasts have already explored the Sales Level, Profit Level, and Order Level, all of which are accessible for you to listen to. Now, we focus on the Impact Level, where Danielle will delve into five distinct sub-topics within this domain. These areas are essential and directly influence your business, employees, and the community. Don’t overlook this crucial aspect of the Business Hierarchy of Needs.

IN THIS EPISODE:

• [01:19] Fix this Next: Business Hierarchy of Needs. Danielle dives into the  first level: Transformation Orientation 
• [05:49] What is Mission Motivation
• [06:44] What is Dream Alignment
• [09:51] What is Feedback Integrity
• [13:36] What is a Complimentary Network
• [16:40] Danielle refers the listener to OC.FixThisNext.com for a complimentary assessment

KEY TAKEAWAYS: 

• Companies should have a mission statement that employees know and can support. Does your mission statement inspire anyone?
• Don’t be afraid of communicating with your competition. You can learn from each other.
• Take advantage of the complimentary products that OC.FixThisNext.com to complete the assessment.

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

Fix This Next - Website

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

In today's episode, Danielle is joined by Jake A. Carlson, who shares his journey with Profit First and provides information about his Modern Leadership podcast. Jake delves into the practical implementation of the Profit First account system in his businesses, even going beyond the standard required accounts. He presents fascinating examples of the system for profitability and cautions against common pitfalls. Additionally, Jake reveals his five leadership superpowers and offers a complimentary download on his website. Through Jake's valuable insights, discover more about the reliable and proven Profit First methodology.

IN THIS EPISODE:

• [01:43] Jake explains how he learned about Profit First and how he implemented the process into his business plans
• [05:31] To get started with Profit First, Jake implemented the plan page by page
• [07:44] Jake shares how they have added two accounts to the original five and how those operate within his business
• [11:07] Jakes explains how he keeps a three-month reserve in each of his accounts, which enabled him to keep operating during the first two months of Covid when there was no income
• [16:44] Jakes insists the clients he coaches listen to Mike on audible, and if they aren’t willing to listen, he doesn’t coach them
• [21:19] Jake outlines why he started the Modern Leadership Podcast, and he discusses what the Leadership Power Assessment is

KEY TAKEAWAYS: 

• First Profit can help your business succeed if you follow it wholeheartedly. 
• Accounts should maintain at least a three-month reserve to provide peace of mind.
• A true leader is a person who not only supports the employees but listens to them.

GUEST BIOGRAPHY: Jake A. Carlson

An attorney, recognized business leader, inspiring presenter, and popular podcast host. A natural storyteller who loves listening to your story and exploring what matters most to you. I earned my law degree (JD) from California Western School of Law concurrently with a business degree (MBA) from San Diego State University, attending on a Creative Problem-Solving Scholarship and receiving the 2005 Outstanding Case Award for best MBA consulting project—a licensed member of the State Bar of Arizona. I began my career in the nonprofit sector as Associate Regional Director and then as National Major Gifts Counsel, an in-house tax counsel position with the Boy Scouts of America National Foundation. In these positions, I was first introduced to the idea of leaving not just your valuables but your values to the people you love most. Working with hundreds of families on tax estate strategies, I developed the Values-Based Estate Planning strategy used by LifePlan Legal today. I have personally presented to over 200 groups in 27 states on estate planning and protecting your legacy and authored over 100 leadership articles on influence, legacy, family vision, and the Values-Based Estate Planning process. As host of the Modern Leadership Podcast and Family Before Fortune Podcast since 2014, I have had the privilege of interviewing hundreds of recognized executives.

Jake A. Carlson - Linkedin

Family Before Fortune - Website

Jake A. Carlson - Website

Jake A Carlson - Twitter

Jack Carlson 408 - Twitter

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

Today is a dedicated episode for questions and answers, where Danielle addresses the most commonly asked questions in depth. Profit First's guiding principle is "When in doubt, add an account." Therefore, we will discuss essential accounts that every business should have and additional accounts for specific scenarios. We will also tackle inquiries related to actual revenue, compensation for owners, distributions, and how to allocate these funds. Moreover, you will gain insights into evaluating a business you might be interested in acquiring. This episode is filled with valuable information for entrepreneurs, so don’t miss it. 

IN THIS EPISODE:

• [01:18] What does real revenue mean
• [06:32] How many accounts should I have if I operate with goods or subcontractors, et cetera
• [08:38] What if I receive a paycheck? Does it still go through the owner’s pay account
• [09:34] Do I only do allocations on the 10th and the 25th
• [12:06] Do you need a profit account and a separate owner’s pay account if you take your pay in distributions
• [13:28] Can I use Profit First to identify which business to buy? Danielle gives an example of what not to do
• [17:30] Is it ever a good idea to run a profit assessment on a large business representing many services, or how should it be done
• [21:38] Submit any questions you have to profitfirstnation.com 

KEY TAKEAWAYS: 

• Never purchase a business without first looking at the owner’s taxes.
• There are five accounts a business needs; an income, a profit, the owner's pay, a tax account and the operating expense account. 
• Self-employed people who receive their income irregularly should make allocations based on when they receive income.

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books

Profit First Nation is brought to you by HighLevel. Fans of the podcast can get an extended 30 Day Free Trial by visiting: https://www.gohighlevel.com/profitfirstnation 

To subscribe to the Build Your Dream Team secret podcast, just head over to this link: 5staremployeehiringsystem.com/build-your-dream-team-subscribe and fill out the form to gain exclusive access! 🌟

In the latest episode of Profit First Nation, Danielle unveils the Five-Star Retention Strategy and emphasizes the importance of wholeheartedly adopting this approach for any thriving entrepreneur. Throughout the episode, she will provide a comprehensive breakdown of each strategy, revealing the top three desires of employees. As a business owner who has effectively established your company, it is crucial to shift your attention towards nurturing your workforce. Get ready with a pen and be prepared to jot down valuable insights, as this installment of Profit First Nation promises to become a personal favorite.

IN THIS EPISODE:

• [00:22] Danielle talks about going all in on your business and having a five-star retention rating strategy
• [04:18] Danielle goes through the five-star retention strategies  beginning with star number one of psychological ownership
• [07:57] Star number two is supporting employee wants and needs
• [14:43] Star number three is to stay connected with your five-star employees
• [21:04] Star number four is maximizing employee qualities, aptitudes and skills
• [23:07] The final star, number five, is to lift up your employees
• [26:48] Danielle states that you succeed or fail because of your people. Put them first, and she directs you to the “Resources” for more information about Profit First Nation

KEY TAKEAWAYS: 

• Entrepreneurs should offer their top performers the same paid time off (PTO) they enjoy to retain exceptional employees.
• Employees want three things—stability, comfort and purpose.
• Once entrepreneurs have the business rolling and successful, they should focus on their five-star employees who keep it running.

ABOUT THE HOSTS:

Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.

Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams.

Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.

As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.

RESOURCES:

Danielle Mulvey - Website

Danielle Mulvey - Linkedin

The All In Company - Website

Profit First Nation - Website

Mike Michalowicz - Website

Mike Michalowicz - Linkedin

Mike Michalowicz - Twitter

Profit First Professionals - Website

Mike Michalowicz - Books